Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions.
a. The equipment had no market value and was discarded.
b. The equipment is sold for $54,000.
c. The equipment is sold for $24,000.
d. The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.
Journal
Definitions:
Specific Culture
refers to the unique set of beliefs, values, customs, and practices that characterizes an organization, region, or group.
Geert Hofstede
A Dutch social psychologist known for his research on the interactions between national cultures and organizational cultures.
Management Techniques
These are methods, strategies, and practices used by leaders to administer and control organizational resources effectively to achieve desired outcomes.
U.S.
The United States, a federal republic in North America, composed of 50 states, a federal district, five major self-governing territories, and various possessions.
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